BoE and PRA published their annual reports for the period of March 01, 2018 to February 28, 2019. The reports provide information on the activities and finances of these entities for the preceding year. The PRA Authorizations Performance Reports 2017/18 and 2018/19 and the PRA Prescribed Persons (Reports on Disclosures of Information) Regulations 2017—Annual Report 2018/19 have also been published. In addition, BoE has updated the lists of ring-fenced bodies (as at January 01, 2019) and PRA-regulated banks and building societies (as at May 31, 2019).
The highlights of the BoE annual report include the work done across BoE in preparing for EU withdrawal, ring-fencing the largest UK banks’ retail services, and providing international leadership on understanding the risks from climate change and green finance. The BoE annual report also highlights its strategic goals for 2019. These include maintaining monetary and financial stability during Brexit and beyond; enhancing the strength, security, and efficiency of internal operations of BoE; and building greater operational resilience in the financial system. Overall, BoE is on track to meet the strategic priorities set out in Vision 2020.
The PRA Annual Report includes information on the authorization of new banks, insurers, and insurance special purpose vehicles (ISPVs) as well as covers the PRA work on EU withdrawal. Mark Carney Governor, Chair of the Prudential Regulation Committee mentioned that PRA is increasingly emphasizing on emerging risks such as Brexit, cyber risk, and climate risk. Looking forward, PRA will take the opportunities technology offers to supervise more effectively and efficiently. That means innovation in the UK financial system will continue to serve the UK and global economy, underpinned by the highest standards of prudential supervision and regulation. Members of the public are invited to make representations to PRA, by September 13, 2019, on the following:
- PRA annual report
- The way in which PRA has discharged, or failed to discharge, its functions during the period to which the report relates
- Extent to which, in their opinion, PRA’s objectives have been advanced and PRA has considered the regulatory principles to which it must have regard when carrying out certain of its functions (contained in section 3B of Financial Services and Markets Act 2000, or FSMA) and facilitated effective competition in the markets for services provided by PRA-authorized firms in carrying on regulated activities in accordance with section 2H of FSMA.
- Notification on BoE Annual Report and Accounts
- Notification on PRA Annual Report and Related Publications
- BoE Annual Report and Accounts (PDF)
- PRA Annual Report
- PRA Authorizations Performance Reports
- Prescribed Persons Regulations 2017—Annual Report
- Lists of RFBs and PRA-Regulated Banks and Building Societies
Comment Due Date: September 13, 2019
Keywords: Europe, UK, Banking, Insurance, Financial Stability, Brexit, Fintech, Ring Fencing, Annual Report, PRA, BoE
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).